Articles

If you become permanently disabled due to an illness or injury, total permanent disability insurance can be an important financial safety net. According to the Australian Securities and Investment Commission, this coverage will pay you a lump sum if you're permanently unable to return to work due to an ailment or accident. This…

It's important to be financially prepared for all the different scenarios life can bring, including if you become injured or ill and unable to work. Income protection insurance can be an important safeguard to ensure you can continue your standard of living if you can't work due to an unforeseen…

If you have had an illness or injury that led you to become permanently disabled and thus unable to work, you may be understandably worried about your finances. Some people in this situation may seek to tap their superannuation early, and the good news is there are laws on the…

A Superfund member who is seeking to lodge a Total and Permanent Disablement Claim is entitled to have their claim assessed in accordance with various legal principles. The Superannuation Industry (Supervision) Act 1993 and Insurance Contracts Act 1984 govern the various duties and obligations which an Insurer and Trustee must…

Capital gains tax, or CGT, can be a confusing factor in your retirement planning, especially where self managed super funds (SMSFs) are concerned. Here, we break down the rules around capital gains tax rules for self managed supers. What is capital gains tax? When you sell a capital asset, such as a…

Before you start shopping for life insurance plans, find out what kind of cover you may already have through your superannuation fund. Learn how to check your current coverage first and foremost, then you'll be better prepared to compare your options. Below is your guide to figuring out what life insurance…

Regardless of fault or cause, if a person suffers an injury or illness and is no longer able to work a normal job, superannuation and insurance claims could allow them to receive necessary compensation. TPD and TTD insurance claims are similar in Australia, but there are some important differences to…

Receiving the news that you've been diagnosed with a critical illness is not only hard to take, it also puts undue financial stress on yourself and your family. Luckily, many superannuation plans provide terminal illness cover to offset the cost of medical treatment and legal arrangements. However, can individuals access…

It's one thing lodging a total permanent disability (TPD) compensation claim - it's another being successful, thanks to the criteria individuals have to meet as an entry threshold. Here we breakdown what a TPD compensation claim is and the five key criteria applicants need to consider to achieve a favourable outcome. What…

Faith in the financial services industry was rocked in 2008 when widespread irresponsible banking practices led to the biggest global economic crisis since the Great Depression. Australia escaped the worst of the downturn, but financial services was still the least trusted sector in the country last year, according to a…

Income protection is a form of insurance that pays out when you are unable to work due to sickness or injury. These products usually provide up to 75 per cent of your gross wages over a specified time period, by which time you should hopefully have recovered enough to return…

The Royal Banking Commission finished its investigation into financial services in September 2018 after a bruising couple of months for the industry. Major scandals rocked some of the country's biggest banks and wealth management firms, causing serious damage to the reputations of many businesses. The super industry was already reeling…

Income protection can be a crucial financial safety net for people who are injured or ill and unable to work. This type of coverage is commonly included as part of your superannuation fund entitlements, although you can also purchase standalone policies. But why do some people have multiple income protection policies?…

The gig economy is a global phenomenon, with a growing army of workers looking to ditch their traditional 9-5 jobs and become their own boss. But there are downsides to operating within the gig economy. One of the biggest concerns for casual, part-time and freelance workers is superannuation. Gig workers…

If you have sustained an injury, either at work or elsewhere, that prevents you from doing your job, there are important cover options to keep in mind. While there are differences between workers' compensation and income protection, and some of these payments could be made at the same time, the first…

Total and permanent disability (TPD) insurance is a type of life cover that protects policyholders against the risk of suffering a serious injury or illness that prevents them from ever returning to work. Many people have access to TPD cover through their superannuation policy, although others may choose a standalone…

Earlier this year, the Productivity Commission published a draft report into the superannuation industry. In the document, the organisation slammed a number of current practices within the sector, including 'zombie' insurance policies, complex and incomparable products, and poor complaint handling. The commission made several recommendations to improve the country's super system.…

Superannuation was set up to provide for all people living in Australia so that once they retire they will have access to a pool of funds. This money is protected from bankruptcy and creditor claims - it's the ultimate safeguard to ensure you'll never be left without. But what if…

Superannuation guarantees resources for when you're no longer working. Without these funds, you may struggle to adapt to retirement, which can lead to numerous financial issues. In order to protect your superannuation fund, the Australian government specifies a 'preservation age' that you must reach before you can access this sum. There…

The majority of Australian’s have Superannuation and with that Superannuation comes Insurance. Provided that you have not opted out of paying for Insurance you will be covered for Total and Permanent Disablement. Total and Permanent Disablement Insurance is meant to protect people if they become too sick or injured to work…

It’s official. Kinetic Super has merged with Sunsuper. The $45 billion dollar merger was agreed upon back in early 2017 and has taken full effect as at 12 May 2018. It is expected the joint funds will have a combined $45 billion fund under management with over 100, 000 employers…

Pain is a natural bodily response to damaging stimuli, although most people stop feeling distress once they recover from an illness or injury. However, pain is described as chronic or persistent when it lasts beyond a typical healing time of three months. Around one in five people in the country…

People who are diagnosed with HIV have a far better prognosis now than when the disease first emerged in the early 1980s. Modern antiretroviral treatments mean the condition is largely manageable and can be prevented from ever progressing to AIDS. But how do life insurance firms and superannuation providers treat…

Many superannuation funds have TPD and Income Protection insurances set up for members, and these are usually automatic and do not require any kind of application. So how can I find out the details of the insurance, and do I have any insurance? While many superannuation funds have insurance, many do not. While some…

Attitudes to mental health have come on in leaps and bounds in recent years, yet many people still believe there is a stigma surrounding the issue that can prevent sufferers from seeking help. Psychological illnesses often cause strain in personal relationships and regularly result in physical symptoms. Mental health problems…

Losing someone is always difficult, but accidental deaths can be particularly traumatising for surviving loved ones because they rarely get to say their final goodbyes. Any deaths that are unexpected or unintentional are usually classified as accidental, and family members are often eligible for specific benefits to provide financial support after a…

In simple terms TPD doesn’t mean anything. TPD, which is abbreviation of Total and Permanent Disability (or Totally and Permanently Disabled), is a name for a kind of life insurance based policy.[1] TPD doesn’t mean anything, as it simply refers to a class of insurance contracts, which can have varying specifications.…

When you claim on Total and Permanent Disabled (TPD) insurance as you would need to show you cannot work again.[1] How does one go about proving they cannot work again? Is it by reference to CT Scans and MRIs, to the number of surgeries one has, the Whole Person Impairment (WPI)…

The person who said the best things in life are free probably didn't raise a family in Australia. In 2007, a typical middle-income household spent $537,000 raising two children to adulthood, according to an AMP.NATSEM report. By 2012, this figure had shot up to $812,000 - and is likely to…

People with disabilities comprise a sizeable proportion of the Australian population. In fact, nearly one-fifth of individuals claim they are disabled, according to the Australian Bureau of Statistics (ABS). Living with a disability is often financially challenging. The ABS revealed far fewer people in this demographic are employed than non-disabled…

An insurance policy is a contract. The law requires disclosure of key information for a contract to be valid, often called “meeting of the minds”. Not disclosing information is a serious breach and the courts have a history of fixing such situations on the basis of Equity. This applies to…

Superannuation funds ensure that Australians are well prepared for the financial challenges of not having an employment income stream after they retire. In 2013-14, the average super balance for men and women aged 15 and over was $98,535 and $54,916, respectively, according to figures from the Association of Superannuation Funds…

Whether it's a physical or psychological ailment, total and permanent disabilities (TPDs) often have a significant impact on an individual and their family. Unfortunately, unforeseen circumstances can strike at any time, and this creates uncertainty for the future. TPD insurance provides financial support to people who suffer a debilitating injury…

Life insurance doesn't just pay out when the policyholder passes away. Most products have other features built in that provide financial support when people suffer critical illnesses, serious injuries or total and permanent disabilities (TPDs). For instance, trauma cover offers payments when the policyholder suffers a heart attack, stroke or…